Apollo Tyres posts 18% drop in net profit on higher input costs

NEW DELHI: Apollo Tyres has reported an 18% drop in net profit in the three months to December. The company on Thursday said higher raw material costs pulled down its profit to 98 crore from 120.42 crore in the year-ago quarter. Raw materials costs went up 37% to Rs 2,000 crore in the quarter, the company said in a statement.

"Raw material prices have stabilised to some extent but they continue to remain on the higher side, putting our margins under pressure," chairman Onkar S Kanwar said.